Artist Emin may quit UK over tax

[singhr]

or her boyfriends

[gingerjedi]

She could have so easily ended up on NMW in a cafe or McD's but for the 1 in a million chance that some knob took her 'work' seriously... my heart bleeds.

I'd love to say feck it I'm off to France but I doubt I could even afford the ferry these days.

[Scary]

They should tax people that have nothing better to spend their money on than her "work". Spend it on teachers or hospitals or something.

[lilelvis2000]

Who is she anyway? I'm still stuck in the 80's. If Rick Astley said that, at least I'd know who the heck he is!

[Sysman]

Quote:
Originally Posted by WIKI

The highest rate peaked in the Second World War at 99.25% and remained at about 95% till the late 1970s.[citation needed]

In 1974 the top-rate of income tax increased to its highest rate since the war, 83%. This applied to incomes over £20,000, and combined with a 15% surcharge on 'un-earned' income (investments and dividends) could add to a 98% marginal rate of personal income tax. In 1974, just 750,000 people were liable to pay the top-rate of income tax. [4] Margaret Thatcher, who favoured indirect taxation reduced personal income tax rates during the 1980s. [5] In the first budget after her election victory in 1979, the top-rate was reduced from 83% to 60% and the basic rate from 33% to 30%. [6] The basic rate was also cut for three successive budgets - to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988. [7] The top-rate of income tax was cut to 40% in the 1988 budget.

I'm sure it was 102% for something but I can't now remember what.

I not only remember that 98% figure, but I remember a chap interviewed on the news the day it came down who gave the impression he thought he'd lost status somehow.

In the 83%/98% tax era I also heard tales of suitcases of money being taken to Ireland and holidays in exotic places paid for.

I can't remember details of the 102% rate either, but I'm pretty sure it did exist for certain cases.

People used to rent suits rather than buy them.

Or so I read somewhere.

I don't know how true that was except for that once a year dinner jacket, but from a stint at a mail order company I do know that folks would buy clothes (on tick) for weddings then send 'em back saying they didn't fit properly or the colour didn't suit them etc.

[centurian]

If at least 4 higher-rate taxpayers stay, for every 1 who leaves, it will be a net gain for the exchequer. Experience suggests that the overwhelming majority of higher-rate taxpayers will not leave, only a few will but they will make a lot of noise.

Threaded, you are correct of course but they won't want to believe it.

Assuming they are all earn equal amounts, then yes. I think those earning millions will be more likely to leave, meaning you need - say 50 or so "lower" earners on 175K to cover the amount lost for one huge earner.

Also it isn't sufficient to simply be a bit better off than before. The expected yield from the tax rise has already been "priced in" to future budgets. If it doesn't realise the full amount (which probably assumes that no-one leaves the country), then the government will have to put up other taxes (or cut spending even further).

[threaded]

Add Norway to that list...

Add Germany ...

[FarmerPalmer]

It sounds so simple, raise taxes for the wealth creators and get them to pay for everything!

This will not work, they will either leave the UK until the situation improves, limit their income to under the limit or pack in and stop creating further wealth, just a crazy idea.

as happened under the last Labour government in the 1970's and a some never returned (David Bowie for example).

[Peoplesoft bloke]

as happened under the last Labour government in the 1970's and a some never returned (David Bowie for example).

Yeah, it's been a real nightmare living here since Bowie and (later) Phil Collins left.

[NickFitz]

as happened under the last Labour government in the 1970's and a some never returned (David Bowie for example).

Another good reason to vote Labour - first they got rid of one pretentious self-styled "artist" who had about as much talent as a turd, and now they're getting rid of another!